New Law Amends Accessible Parking Spaces

New Law Amends Accessible Parking Spaces

The Texas Legislature has passed House Bill 3163 into law. This bill establishes some new rules for accessible parking spaces. On September 1, 2019, the Texas Department of Licensing and Regulation (TDLR) will start drafting the rules that implement the House Bill. The new law amends 469.052 of government code. The new rules are:

  • The international access symbol must be painted on the parking space.
  • The words “NO PARKING” must be painted on access aisles next to accessible parking spaces.
  • The signs marking accessible parking spaces must include the penalty for parking illegally in the space. Fines and towing are examples of possible penalties.

Current signs and parking spaces do not need changes until the new rules go into effect. The new rules will be open to receive comment in the Texas Register after drafting and approval by the Commission of Licensing and Regulation.

TDLR anticipates these rules to take effect near mid-2020.

Government Code Sec. 469.051 indicates that while TDLR is the enforcement agency for this section of the code, “the appropriate state rehabilitation agencies and the Governor’s Committee on People with Disabilities shall assist the Commission in the administration and enforcement of this chapter.” The GCPD encourages stakeholder participation in the rule-making process to implement the statute.

 


AG Paxton Intervenes in Lawsuit (link)

AG Paxton Intervenes in Lawsuit to Strike Down the City of San Antonio’s Unlawful Paid Sick Leave Ordinance | Office of the Attorney General

Read full Story here

 


TCUD July Newsletter (link)

The July 17, 2019 issue is now available on the Department’s website at:

 Newsletter July 2019

 The newsletter is published by the Credit Union Department, State of Texas, and highlights department activities, policy changes, and other information that might be useful to state-chartered credit unions in Texas.


CFPB To Hold First Symposium On June 25

WASHINGTON, D.C. – The Consumer Financial Protection Bureau announced today that its first symposium will be held on June 25 at 9 a.m. The symposium, part of a series announced earlier this year, will focus on the Dodd-Frank Act’s prohibition on abusive acts or practices. The symposium will be webcast on the Bureau’s website.

The Dodd-Frank Act authorizes the Bureau to take enforcement, supervision, and rulemaking actions concerning unfair, deceptive, or abusive acts and practices (UDAAP). The meaning of abusiveness is less developed than the meaning of unfair or deceptive, which have been defined substantially by the Federal Trade Commission Act. The symposium will provide a public forum for the Bureau and the public to hear various perspectives on the meaning of abusiveness.

This first symposium will have two panels of UDAAP experts. The symposium will also include remarks by CFPB Director Kathleen L. Kraninger and CFPB Deputy Director Brian Johnson. The first panel will include a discussion with leading academic experts in the area of Consumer Protection on various policy issues relating to the abusive standard under Dodd-Frank. The panel will be moderated by Tom Pahl, CFPB’s Policy Associate Director, Research, Markets and Regulation. The experts on the panel will include:

• Patricia McCoy, Professor of Law, Boston College Law School
• Todd Zywicki, Professor of Law, George Mason University, Antonin Scalia Law School
• Howard Beales, George Washington University; former Director of the Federal Trade Commission (FTC) Bureau of Consumer Protection
• Adam Levitin, Professor of Law, Georgetown Law School

The second panel will examine how the abusive standard has been used in practice, and will include leading legal experts in the field. The panel will be moderated by David Bleicken, CFPB Deputy Associate Director, Supervision, Enforcement and Fair Lending. Experts on the panel will include:
• William MacLeod, Partner at Kelley Drye; former Director of the FTC Bureau of Consumer Protection and Bureau of Competition
• Eric Mogilnicki, Partner at Covington & Burling; former Chief of Staff, Senator Ted Kennedy
• Lucy Morris, Partner Hudson Cook; former CFPB Deputy Enforcement Director
• Nicholas Smyth, Assistant Director of the Pennsylvania Office of Attorney General’s Bureau of Consumer Protection, Senior Deputy Attorney General

Members of the public that plan to attend the symposium should RSVP at:https://consumer-financial-protection-bureau.forms.fm/cfpb-symposium-on-unfair-deceptive-or-abusive-acts-or-practices-udaap-2

 


TCUD June Newsletter (link)

The June 19,2019 issue is now available on the Department’s website at:

 Newsletter June 2019

 The newsletter is published by the Credit Union Department, State of Texas, and highlights department activities, policy changes, and other information that might be useful to state-chartered credit unions in Texas.


TCUD March Newsletter (link)

The March 20, 2019 issue is now available on the Department’s website at:

 Newsletter March 2019

 The newsletter is published by the Credit Union Department, State of Texas, and highlights department activities, policy changes, and other information that might be useful to state-chartered credit unions in Texas.


TCUD February Newsletter (link)

The February 21, 2018 issue is now available on the Department’s website at:

 Newsletter February 2018

 The newsletter is published by the Credit Union Department, State of Texas, and highlights department activities, policy changes, and other information that might be useful to state-chartered credit unions in Texas.


CFPB ACTING DIRECTOR ANNOUNCES CHIEF OF STAFF

CFPB ACTING DIRECTOR ANNOUNCES CHIEF OF STAFF

Washington, D.C. — The Consumer Financial Protection Bureau’s Acting Director Mick Mulvaney announced today that he has named Kirsten Sutton Mork chief of staff for the agency. Ms. Sutton Mork has been serving as staff director of the House Financial Services Committee under Chairman Jeb Hensarling.

“I am pleased to announce Ms. Sutton Mork as the new chief of staff at the Bureau of Consumer Financial Protection,” said CFPB Acting Director Mick Mulvaney. “I worked with Kirsten during my tenure as a member on the House Financial Services Committee and can attest to her in-depth financial policy expertise, proven track record of developing and implementing strategic initiatives, and ability to manage a team. Kirsten brings with her more than a decade of invaluable experience that will advance the mission of the Bureau and make it more efficient, effective, and accountable.”

Ms. Sutton Mork’s tenure on Capitol Hill spans the financial crisis and post-crisis legislative response. She staffed Hensarling during House Financial Services Committee, House and conference committee consideration of the legislation that established the Bureau, the Dodd-Frank Act, and she is intimately familiar with the Bureau’s statutory mission and obligations. She was appointed deputy staff director to the House Financial Services Committee in 2013 and became staff director in early 2017. Ms. Sutton Mork attended Wheaton College where she received a B.A. in communications.

 

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations; by making rules more effective; by consistently enforcing federal consumer financial law; and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.


Hensarling Delivers Opening Statement at FSOC Hearing

Hensarling Delivers Opening Statement at FSOC Hearing

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s full committee hearing with Treasury Secretary Steven Mnuchin on the Annual Report of the Financial Stability Oversight Council (FSOC):

Mr. Secretary – this is your first appearance before the House after the Tax Cuts and Jobs Act was signed into law. I want to let you know, on behalf of the majority, how grateful we are to you and the president for your leadership and for helping to sign this act into law. It is truly, truly historic.

After eight years of failed economic policies that led to the slowest, weakest recovery in the modern era, the economy is starting to take off and wages are finally growing again. Consumer optimism abounds.

How ironic, but totally predictable, that equity markets would now swoon over the prospects of higher interest rates and possible inflation associated with a breakout of economic growth. Artificially low interest rates may have benefitted some on Wall Street but they haven’t been particularly helpful to Main Street.

We have always known that the Fed would face significant challenges in unwinding its balance sheet when the economy took off. If you’re listening, good luck, Chairman Powell. You volunteered for the job.

But today, the underlying economy is strong and getting stronger due to the policies of the Trump Administration. We’re averaging 3 percent growth again. Unemployment remains at a 17 year low, wages just grew at 2.9 percent – the fastest in almost a decade. 2 million Americans have gone back to work. All of this in President Trump’s first year in office, and we are just now on the leading edge of the Tax Cuts & Jobs Act.

Let’s take a look at the impact on the financial services industry alone.

JP Morgan Chase recently announced it will be making a $20 billion, five-year investment across its business. In addition to increasing wages for their employees, they plan to boost small-business lending by nearly 20%.

In my hometown of Dallas, Comerica announced it is boosting its minimum wage to $15 and giving a $1,000 bonus to 4,500 employees.

Nationwide is giving its employees a $1,000 bonus and increasing its 401(k) match.

Visa is also increasing its 401(k) eligibility and contributions, as well.

BB&T is raising its minimum wage from $12 to $15 an hour and giving its employees a onetime bonus of $1,200.

Hardly crumbs.

And these are just a few of the financial services companies that have announced benefits due to the Tax Cuts and Jobs Act. Again, Mr. Secretary, thank you and thank you to the president.

Unfortunately, tax reform alone will not unleash our nation’s full economic potential. Why? Because, for the last eight years our economy has been drowning in a sea of complex, onerous, expensive and job crushing Washington red tape. Fortunately, the Trump Administration has aggressively cut needless red tape like few others. But much work remains, including at the Financial Stability Oversight Council.

FSOC can clearly serve a vital function in promoting financial stability by monitoring market developments, facilitating information sharing across regulatory silos, and making policy recommendations to Congress to mitigate risk.

Unfortunately, FSOC has proven it can also harm our economy through its designation of SIFI’s.

Under the last administration FSOC simply eviscerated G.E. Capital, one of America’s great companies. One that had capitalized millions of small and midsize companies, from local bakeries to furniture stores. It’s just gone.

In a dangerous, unlawful and misguided effort it attempted to designate MetLife a SIFI; an insurance company. Fortunately, the decision was found to be “arbitrary and capricious” and overturned.

Mr. Secretary, I am encouraged by much of what I read in FSOC’s annual report under the new leadership of a new administration. I look forward to hearing more about it.


Hensarling Announces Date for Fed Chairman Powell’s Semi-Annual Testimony

Hensarling Announces Date for Fed Chairman Powell’s Semi-Annual Testimony

WASHINGTON- Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced that Federal Reserve Chairman Jerome Powell will appear before the Committee on Wednesday, February 28 at 10 a.m. ET to deliver the Federal Reserve’s semi-annual monetary policy report to Congress and to discuss the state of the economy.

The hearing will take place in Room 2128 of the Rayburn House Office Building. Additional information, including a live video of the proceedings, will be available on the Committee’s website.

MEDIA RSVP: Due to high demand and limited seating, press seats during the hearing will be given out to media credentialed by the House media galleries in the order in which they are requested and limited to one seat per outlet. An overflow room with live broadcast of the hearing will be available in Rayburn 2220. To RSVP for a seat at the hearing, e-mail Christine Sellers (christine.sellers@mail.house.gov).

LOCK-UP: The Committee, assisted by the House Press Gallery, will be conducting a lock-up for Chairman Powell’s testimony the morning of the hearing. More information will be released at a later date.


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